The Ordinals protocol has taken the Bitcoin world by storm, with over 9,000,000 inscriptions already amassed. This new protocol allows for arbitrary data to be embedded on the Bitcoin blockchain, attracting attention from the NFT industry. The rise of Ordinals has also led to an increase in the fees required to send bitcoin, leading to new debates on how Bitcoin should deal with high fee environments.
In a recent interview with a well-known collector within the NFT industry, Farokh, founder of the Rug Radio platform, shared insights into the world of Bitcoin NFTs and his vision for the Bitcoin inscription market’s future. Reflecting on his own journey with Bitcoin and NFTs, Farokh acknowledged the initial confusion surrounding Bitcoin in 2012 due to the lack of development and user-friendly platforms at the time. However, he highlighted the rapid growth and development of NFT platforms in 2021, which has led to Bitcoin NFTs’ sudden rise in popularity.
Farokh emphasized the security aspect of storing art on the Bitcoin blockchain, stating, “Ordinals now enable art to be stored on the most secure blockchain in the world, without keeping this data in external databases where it can be vulnerable to manipulation.” He identified this as the biggest benefit of Ordinals over NFTs on other, less secure blockchains, recognizing the need for censorship-resistant and immutable storage solutions.
Farokh expressed his optimism regarding the future of Bitcoin NFTs, despite the current challenges, such as high costs and the need for infrastructure development. He believes that with the continuous growth of the Bitcoin ecosystem, improved solutions would emerge.
Farokh also discussed the entry of luxury brands into the Bitcoin NFT space, mentioning the collaboration between Aspire and Bugatti. He expressed his curiosity about high-end brands embracing ordinals and leveraging the security and authenticity provided by the Bitcoin blockchain.
When asked about the reaction of projects transitioning to Bitcoin NFTs, Farokh noted the generally positive response. He drew parallels to the early days of NFTs, where skepticism was common but ultimately proven wrong, and highlighted the positive reception of projects like Yuga Labs’ TwelveFold, indicating that Bitcoin NFTs’ acceptance was gradually gaining momentum.
Farokh envisioned a mature Bitcoin NFT market with user-friendly platforms accessible to retail users. He remarked, “Look how much the [NFT] marketplace has evolved… at first, it was complicated to make a wallet. Now we have proper marketplaces.” Farokh’s optimistic outlook suggests a future where the Bitcoin NFT market becomes more mainstream and user-friendly, ultimately driving further adoption.
Farokh’s interview sheds light on the growing importance of Bitcoin NFTs, their unique advantages, and the evolving landscape of the Ordinals protocol.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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